PATRICK LAWRENCE: Weaponizing the Dollar
The Trump administration’s incessant sanctions wars are curbing the dollar’s global hegemony and speeding the demise of U.S. empire. The signs are mounting steadily now. As the Trump administration weaponizes the dollar in defense of American hegemony, it…
Why a Drop in the Overvalued Yuan Won’t Start a Currency War
A week of mayhem in the financial markets, grandstanding lawmakers on Capitol Hill accusing China of “rigging the rules again”—all because the overvalued yuan depreciated toward a market rate in three dramatic trading sessions. Could we see some evidence of…
Washington’s Mess Damages U.S. Global Standing
Nobody will ever put up a neon sign or a billboard announcing that the U.S. has taken another step toward decline in its global position. Neither is American decline inevitable, as the so-called “declinists” habitually assert. It is not. Decline…
How a Fake Currency War Panicked Global Economies
When Shinzo Abe was elected Japan’s prime minister in December, he immediate announced a $118 billion economic stimulus plan — despite a national debt equal to 200 percent of GDP, the world’s highest ratio. Then he went to the Bank…
Euro Crisis: How to Stop the Contagion
Even a couple of months ago, the idea that Greece would be forced to default on its debt and exit the eurozone seemed some kind of distant horror. Now both seem all too near as possibilities. What was a short…
Europe: The Strings Attached to a Chinese Bailout
Will your children—or maybe even you—someday find it perfectly natural to put the household savings into the Chinese yuan because it is the world’s safest, steadiest currency? That thought would have been unimaginable even a few months ago. Now we…
China May Not Place Its Big Bets on America
Right now we should begin to worry about one of the following: 1. A flood of Chinese money is coming and Americans will react rather badly, as they did when big Japanese investments arrived in the U.S. 20 years ago. 2. A…
The Next China: A Powerful Consumer Society
It looks like China finally is about to take a great leap forward. Beijing at last recognizes that an overheating economy is threatening to spin out of control and that it has a serious inflation fight on its hands. And…
Developing Countries Plan to Challenge U.S. Dollar
New eras do not announce themselves with billboards or welcoming brochures. They arrive by way of many disparate events. Last week we witnessed one: the gathering in southern China of leaders from the world’s most dynamic emerging economies –the nations we now…
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